Manila: The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction. The 91-, 182-, and 364-day T-bills achieved average rates of 5.287 percent, 5.506 percent, and 5.612 percent, respectively. These rates are lower than those from the previous auction and the prevailing secondary market rates.
According to Philippines News Agency, last week's auction saw average rates of 5.318 percent for the 91-day, 5.535 percent for the 182-day, and 5.637 percent for the 364-day T-bills. Rizal Commercial Banking Corporation's chief economist, Michael Ricafort, noted that the average auction yields for Treasury bills have been slightly lower for the sixth consecutive week. This trend follows signals from Bangko Sentral ng Pilipinas Governor Remolona regarding potential rate cuts totaling 0.50 basis points for 2025.
The auction received a strong response, being 3.8 times oversubscribed with total tenders amounting to PHP94.9 billion. The Auction Committee decided to raise the full program amount of PHP25 billion for the auction.